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Ithaca Energy Expects First Production From Stella in September
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Ithaca Energy Inc. has announced its results for the three months ended 31 March 2016.
Average production of ~9,000 boepd – in line with guidance Material reduction in operating costs to $25/boe, 17% below 2016 forecast of $30/boe prior to Stella start-up net debt reduced from a peak of over $800 million in the first half of 2015 to $630 million at end Q1-2016 Over $100 million of funding headroom maintained following the RBL redetermination in April 2016, with total debt availability in excess of $730 million 8,800 boepd hedged from end Q1-2016 until mid-2017 at an average price of $61/boe, with a mark-to-market value of $94 million at end Q1-2016 On track for first production from the Stella field in September 2016, with FPF-1 sail-away in June, in line with previous…- ✓ Full news archive — U.S., Canada & international coverage
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